The 15th IFSB Summit aims to bring together financial industry leaders, experts, policymakers and other stakeholders to share knowledge, experience and expertise under the theme of “Islamic Finance and Digital Transformation: Balancing Innovation and Resilience”. The Summit will provide a forum to discuss policy priorities and strategies to foster renewed growth momentum in the Islamic financial services industry (IFSI), focusing particularly on digital transformation of Islamic financial services.
The Summit will provide an opportunity to share ideas and deepen the understanding of emerging developments and advances in financial technology and digital finance across the various sectors of the IFSI, the different regulatory approaches and practices that have been applied by jurisdictions and their effectiveness, as well as the challenges and trade-offs, and the policy actions that are needed going forward to further promote innovation whilst ensuring resilience and financial stability. The sessions will also include discussions that renew the focus on harnessing the inherent values and principles of Islamic finance to provide value-based solutions to strengthen the link between innovation in Islamic finance and the real economy, while also supporting long term sustainable development and ESG objectives. Further, it will look at potential strategies to facilitate use of digital finance and financial technologies by Islamic financial institutions to target underserved populations and SMEs to foster more inclusive growth of Islamic finance. It will also provide opportunities to discuss relevant issues around structural changes in the Islamic finance industry as a result of technological developments, including management of cyber risk, issues around crypto-assets and the effective use of regulatory and supervisory technology.
Across the various sessions during the two-day Summit, industry leaders will be able to discuss the most prominent and current issues in the industry and identify the key policy objectives going forward for standard setters as well as for national authorities.
If you have any inquiries regarding registration or participation in the 15th IFSB Summit, please direct your queries to:
Participants that physically attending the event shall make their own arrangement. However, should you require a letter from the IFSB to facilitate your visa application, please contact the IFSB Secretariat.
Please see below travelling requirements requested by health authorities in Saudi Arabia with regard to Covid-19 precautions:
- Summit participants must obtain and show a proof of vaccination (vaccine certificates for COVID 19) with one of the flowing vaccines:
- 2 doses of Pfizer BioNTech
- 2 doses of Oxford AstraZeneca
- 2 doses of Moderna
- 1 dose of Johnson&Johnson’s Janssen
- Vaccine certificates are required to be certified by official health authorities from the country that provided the vaccination.
- The second dose of a two-dose vaccine or the first dose of a single dose vaccine should be taken at least (14) days before arrival to the Kingdom of Saudi Arabia.
- Summit participants must carry their vaccine certificates at all times during their stay in the kingdom (Or prove of health status through applications and accredited programs in the kingdom)
- Summit participants must provide a negative result of (PCR) test certificate not exceeding (72) hours before departure to the Kingdom of Saudi Arabia.
For more information, please visit https://wwwnc.cdc.gov/travel/notices/covid-4/coronavirus-saudi-arabia
Participants that physically attending the event shall make their own arrangement for accomodation. However, the Secretariat has secured preferential rates are the following hotels. You are required to make your reservations directly with the hotel. The reservation forms are available for download.
ABOUT THE IFSB
The Islamic Financial Services Board (IFSB) is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors.
As at June 2021, the 187 members of the IFSB comprise 81 regulatory and supervisory authorities, 10 international inter-governmental organisations, and 96 market players (financial institutions, professional firms, industry associations and stock exchanges) operating in 57 jurisdictions.
Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players.
For more information about the IFSB, please visit www.ifsb.org
Latest IFSB Press Releases
List of IFSB Members
List of IFSB Publications
List of IFSB upcoming events
ABOUT CENTRAL BANK OF SAUDI ARABIA
Saudi Central Bank, the central bank of the Kingdom of Saudi Arabia, was established in 1372H (1952). It has been entrusted with performing many functions pursuant to several laws and regulations. The most important functions are the following:
- To deal with the banking affairs of the Government;
- Minting and printing the national currency (the Saudi Riyal), strengthening the Saudi currency and stabilizing its external and internal value, in addition to strengthening the currency’s cover;
- Managing the Kingdom’s foreign exchange reserves;
- Managing the monetary policy for maintaining the stability of prices and exchange rate;
- Promoting the growth of the financial system and ensuring its soundness;
- Supervising commercial banks and exchange dealers;
- Supervising cooperative insurance companies and the self-employment professions relating to the insurance activity;
- Supervising finance companies;
- Supervising credit information companies.
ABOUT KINGDOM OF SAUDI ARABIA
The Kingdom of Saudi Arabia occupies most of the Arabian Peninsula, the original homeland of the Arabs, the place of origin of the Arabian language, and the historic center of Islam. Saudi Arabia is bounded by the Red Sea in the west and the Persian Gulf in the east. The country borders Iraq, Jordan, Kuwait, Oman, Qatar, United Arab Emirates, and Yemen. The country shares maritime borders with Bahrain, Egypt, Eritrea, Iran, and Sudan.
Saudi Arabia is the largest state in Western Asia with an area of more than 2 million km²; it is almost four times the size of Metropolitan France or somewhat larger than Mexico.
The sparsely inhabited country has a population of 34.8 million inhabitants (in 2020), the capital and largest city is Riyadh, the spoken language is Arabic. Saudi Arabia is a country with a predominantly Muslim population. The country is home to Mecca, Islam’s holiest city and the birthplace of the Prophet Muhammad. The kingdom is ruled by the house of Saud along traditional Islamic lines.
Saudi Arabia is the largest oil producer in the Middle East. The proven oil reserves in Saudi Arabia are the second largest in the world, estimated to be 266 billion barrels.
The 15th Islamic Financial Services Board Summit is open to all IFSB members and interested parties.
Participants are required to submit the registration form either online or by fax/email. Confirmation of participation will be given upon payment of the Summit fees and on a first-come-first-served basis.
The IFSB will issue a confirmation letter upon receipt of payment and participants are required to bring this letter during registration on the event day.
To ensure your seat, please submit your registration to the IFSB Secretariat by 8 October 2021. Priority of confirmation will be given to members of the IFSB.